Definitions related to card payments

Kaisa
- August 28, 2018 13:26

Acquirer

Any financial institution selected by Paytrail that provides the Merchant via Paytrail with facilities to accept payments from the cardholder by processing transactions for the payment methods for which the Acquirer is authorized by the relevant scheme owner.

Cardholder

Any person who is issued a card; possesses and uses the card and, when required, whose signature appears on the card as an authorized user.

Scheme Owner

The party offering and/or regulating the relevant payment method (e.g. Visa or Mastercard).

Card system rules

The collective set of bylaws, rules, regulations, operating regulations, procedures and/or waivers issued by the scheme owners as may be amended or supplemented over time and with which the Merchant must comply when using the relevant payment method.